The number of mortgage applications declined for the week ending August 12th, despite lower historically low rates, according to the latest report from the Mortgage Bankers Association (MBA).

The MBA reported that total applications fell 4.0% which followed a 7.1% decline the previous week.

Loan applications to buy a home declined 4.0% the previous week. Still, they increased 10% from the same week last year.

The chief economist for the MBA, Michael Fratantoni said, “A strong job market and low rates continue to support home sales.”

Refinance applications were down 4% as well, but were a year-on-year increase of about 48%.

“Refinance volume continues to tail off as markets recover post Brexit,” Fratantoni said.

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